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Is Artificial Intelligence A Goldmine Or A Minefield For Leaders?

Also: Japan dreams of AI, overtaking Nvidia and universal basic income

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AI KATANA
July 05, 2023

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In this rapidly evolving era, the buzz around AI has become a central point of discussion. AI offers a spectrum of possibilities and uncertainties that stimulate both awe and anxiety. Is it a goldmine or a minefield for leaders? In our today's digest, we share an article exploring this dichotomy, which magnifies the transformative potential of AI and simultaneously warns about its inherent risks, suggesting that careful navigation is key to successful AI integration. Moreover, the newsletter offers a glimpse into Japan's ambitious AI aspirations, the state of AI in the UK workplace, new guidelines for generative AI in academia, OpenAI's recent updates, and some noteworthy venture capital investments. Stay tuned to comprehend the evolving AI landscape and its implications for society, economy, and industry.

Slicing one by one:

  • ⛏️ Is Artificial Intelligence A Goldmine Or A Minefield For Leaders?

  • 🇯🇵 Japan dreams of AI, overtaking Nvidia and universal basic income

  • 👨🏻‍💻 'Workplace AI revolution isn't happening yet,' survey shows

  • 🇬🇧 The UK's top universities reached an agreement on how to deal with generative AI

AI, particularly generative AI like ChatGPT, is perceived as a double-edged sword in the business world, being both a goldmine of opportunity and a minefield of risks. The transformative potential of AI to automate tasks, save time and money, and increase market share is immense, but it's crucial to note that these AI models are only as reliable as the data they're trained on. Therefore, risks such as data bias, exacerbation of social inequalities, copyright issues, and job displacement cannot be overlooked. While experts like Steve Andriole, a professor of business technology, argue that the advantages of AI surpass the disadvantages and businesses failing to leverage AI will suffer competitively, others caution about the potential impact on human communication and job roles. Atif Sheikh, founder of consultancy Businessfourzero, and Laura Ashley-Timms, co-creator of the STAR Manager program, suggest that the solution may lie in carefully navigating these technologies and constantly questioning and evaluating AI's output to exploit its potential without succumbing to its pitfalls. Given the current stage of AI evolution, leaders need to balance reskilling with job displacement and create supportive, inclusive, and collaborative environments to ensure a human-centred AI workplace.

Japan is positioning itself to be a global leader in AI, with Economy Minister Yasutoshi Nishimura expressing ambitions to surpass Nvidia in the development of AI-training processors and foster companies that can compete on the world stage. The Japanese government is preparing substantial financial support for the domestic semiconductor industry, aiming to triple chip production by 2030. Alongside this, there's an ongoing dialogue on the societal impacts of AI and the potential implementation of a universal basic income as AI renders more jobs obsolete. High-profile figures such as SoftBank Group’s Masayoshi Son are advocating for a national focus on AI, discussing the changing dynamics of human identity in the wake of AI advancements.

The UK is at risk of a growing divide between organisations investing in AI-enabled technologies and those that aren't, according to research from the Digital Futures at Work Research Centre. Only 36% of UK employers have invested in AI technologies over the past five years, with just 10% of those not yet invested planning to do so in the next two years. Furthermore, less than 10% of employers anticipate a need for investment in digital skills training in the near future, despite a reported difficulty in recruiting individuals with the necessary skills. The study calls for a refocus on policy challenges, pointing out the need for greater employer investment in both digital technologies and skills to fully realize the potential benefits of digital transformation. The research also debunked fears of job losses due to AI, showing that digital adopters were more likely to have increased their employment.

The UK's Russell Group universities, including top institutions like Oxford and Cambridge, have established five guiding principles to govern the ethical use of generative artificial intelligence (AI) among students and staff. The move signifies a shift in attitude towards AI in academia, viewing it as an opportunity rather than a threat to academic integrity. The guidelines aim to ensure responsible use of AI, promote AI literacy, incorporate ethical use of AI in teaching and assessment, support equal access to AI technology, uphold academic rigor, and foster collaboration in sharing best practices. This agreement comes after earlier concerns about AI plagiarism and potential misuse of AI in academic work. The universities pledge to seize the educational potential of generative AI while mitigating its risks, thereby transforming teaching, learning, and assessment methodologies.

🛠️ AI tools updates

💵 Venture Capital updates

Colombian startup Celes has secured $1 million in seed funding, led by Primeline Group and supported by MatterScale and Rockstart, to expand its AI and analytics-driven retail solution for small and medium businesses (SMBs). The firm aims to convert retail sector data into a source of cash flow rather than a technical challenge for businesses. The investment will be used to grow the sales team, accelerate product development, and aid their market expansion. Currently, the platform is used by over 400 point-of-sale systems and three million consumers across Colombia, Peru, Bolivia, and Ireland.

Kinnu, a London-based edtech startup, has raised $6.5 million in a funding round led by LocalGlobe and Cavalry Ventures, with participation from Spark Capital, Jigsaw, and prominent angel investors. The funds will fuel the company's mission to use AI to personalise and optimise the learning process, shifting focus from the educational content creator to the learner. Co-founded by Christopher Kahler, Abraham Muller, and Hanna Celina, Kinnu was established in 2021 with the goal of harnessing generative AI to facilitate knowledge acquisition and retention, thus transforming the future of education. The firm currently focuses on adult learners and has already achieved over 100,000 downloads and more than four million 'smart reviews' on its app.

🫡 Meme of the day

⭐️ Generative AI image of the day